North Carolina Down Payment Support Systems

Online Payments - These systems would be the deposit Assistance System and also the Mortgage Credit Certificate.

Also you purchase a home between December 1, 2009 and January 1, 2009 and should you meet the requirements for one of those programs, you might also qualify for the $8,000 tax credit merely enacted into law.

First, who is a first-time Home Buyer? There is a first-time Home Buyer someone who hasn't owned a house in the past three years. This is the exact same qualifying definition.

A Mortgage Credit Certificate (MCC) is a federal tax credit to help home buyers with low and moderate incomes. The MCC takes this a step farther.

You are able to claim 20% of the interest you pay on your mortgage as a credit in your federal income taxes, should you qualify for the MCC. You are able to save up to .

You may have the ability to combine this with the $8,000 tax credit if you do qualify for 2009, for the MCC. This could reduce the tax liability of a buyer's by $10,000.

Household income means the “gross income of the mortgagor and every other individual expected to reside in the residence who's 18 years of age or older.”

House price limitations that apply in Durham Orange and Chatham Counties and the income are listed below.

MCC Income Limitations 1 Individual $61,500 2 Individuals $61,500 3 Individuals $70,500 4 Men $70,500

MCC Sales Price Limitations New House $220,000 Existing House $210,000

Who Qualifies for Down Payment Assistance?

The buyer just has to pay $1,000 of their own funds and the load would pay as much as $8,000 of the remaining balance.

This program has more stringent income limitations than the MCC program summarized above. Like the MCC application, it could be used in combination with the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The down payment help, nonetheless, can not be employed along with the MCC. This really is an either or scenario.

House price limits that apply in Durham, Orange and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Men $57,050

Down Payment Support Sales Cost Limits New Dwelling $210,000 Existing Home $210,000